Bahri’s bottomline sees 8% y-o-y drop + NMDC’s net income shoots up 122% y-o-y in 1Q 2024

Saudi national shipping company Bahri saw its net income fall 8% y-o-y in 1Q 2024 to SAR 453 mn, down from SAR 492.6 mn a year earlier, it said in a Thursday disclosure to Tadawul. Revenues dropped 2.6% y-o-y to reach SAR 2.3 bn.

Driving the plunge: Bahri oil transportation sector revenue fell by SAR 121 mn on the back of operation activities experiencing a decrease compared to the same quarter last year, with the logistics sector’s net income also dropping SAR 60 mn. The rise in finance costs by SAR 22mn due to higher interest rates also fueled the decline in net income, as well as profits from equity accounted investee companies decreasing by SAR 21 compared to last quarter.by SAR 21 compared to last quarter.

NATIONAL MARINE DREDGING COMPANY-

The UAE’s National Marine Dredging Company (NMDC) saw its net income climb 122% y-o-y to AED 641.1 mn in 1Q 2024, driven by a “strategic expansion into new projects,” according to an earnings release (pdf). Revenues increased 67% y-o-y during the quarter to AED 5.3 bn, as the company was awarded AED 3.3 bn worth of contracts since the start of the year.

Looking ahead: “As we look forward, our focus is on sharpening our financial indicators, optimizing our operational processes to enhance profitability and revenue, and expanding our asset portfolio. Our strategy is built on a solid foundation of past achievements and the strategic acquisition of new projects,” said NMDC CEO Yasser Zaghloul.